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03-26-2017 08:35 AM
It's just me.
I have a very uncomplicated life.
I have talked to a FP in the past but never pulled the trigger.
There just wasn't anything he could do for me that I wasn't doing for myself.
I don't mind handling money & taxes & such.
I keep up with new laws and have a few trusted friends I can bounce off of.
I use Fidelity for my retirement funds and I manage that myself. I've done well.
I guess I'm a control freak type.
My employer offers an inexpensive vehicle to manage all that but I feel their options are very cookie cutter. They don't really know ME, they give the same basic advice to everyone, based on their age & salary/assets. I can get that from the internet. There are many good sources available for free. I supposed you get what you pay for.
@SeaMaiden wrote:Just curious how many of you do. Hubby and I are going to talk to one next week about retirement plans and the best path to take.
03-26-2017 10:03 AM
@suzyQ3 wrote:We divorced our financial advisor and now use Schwab. We've been very pleased with their services.
A reminder when looking for a financial advisor: Fee-only.
Hi - we have a meeting with Schwab in early April. What do you like about them and what does "fee only" mean? TIA
03-26-2017 11:10 AM
@Shanus wrote:@SeaMaiden. My husband (who's a tax accountant) is also a financial advisor. So, yep. I guess I have one.
@Shanus That must be nice that your husband can take care of everything and you feel safe. Nice!
03-26-2017 11:13 AM
@scatcat wrote:
@suzyQ3 wrote:We divorced our financial advisor and now use Schwab. We've been very pleased with their services.
A reminder when looking for a financial advisor: Fee-only.
Hi - we have a meeting with Schwab in early April. What do you like about them and what does "fee only" mean? TIA
@scatcat Please explain to me also about FEE ONLY.
03-26-2017 03:20 PM
We have 2.....hubby and me.
03-26-2017 03:44 PM
Yes, my husband. He is in wealth mangagmenet so he does all of ours. I think it is important for people to get some trusted professional especially in terms of how you handle retirement. Many people retire or plan to retire thinking they will live one way when what they have saved or planned for will not allow for that.
03-26-2017 03:50 PM
A "financial advisor" means nothing. It can be a licensed stockbroker, a licensed insurance salesman, an investment banker and on and on. A Certified Financial Planner must be licensed in many states but not all.
The term Fee Only, they are meaning flat fee or fee for service. Like an hourly rate or flat rate per trade or transaction. Your other choice is a fee + commission or commission only. You trade say $10,000 in stock, a commission is charged on the value. Not a flat fee. More trades = more cash in their pocket. Not necessarily yours.
I had a friend years ago that made me cringe. She would brag about her "money guy" but had no idea if he was a stockbroker, investment banker, etc. She had no idea what they owned, no idea what she was paying in fees or if they were being given solid advice.
03-26-2017 04:37 PM
No but I'm considering one, I have a very good CPA and have been reading a lot of Tony Robbin's books on finances. It's been helpful.
03-26-2017 07:35 PM
@SeaMaidenand @scatcat, here is a good definition for a fee-only financial planner from Forbes:
03-26-2017 07:57 PM
Yes, two. It works for us.
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